Bitcoin hit a new record on Friday, with its eyes firmly placed in the $100,000 hurdle (about Rs 84.4 lakh), triggered by expectations of a more friendly regulatory environment under the Donald Trump administration Excellent gathering.
Since Trump won the election on November 5, its value has more than doubled and has grown by about 45%, which also sees a series of pro-Claytop congressional elections.
The cryptocurrency lasted over 1% on the day, at a price of US$99,380 (about Rs 83.9 lakh), the best monthly performance since February.
Its surge has made Bitcoin one of the outstanding winners of the so-called “Trump deal” that are seen as winning or winning from Trump’s policies.
Since its creation 16 years ago, cryptocurrencies have also appeared on the cusp of mainstream acceptance. In January this year, the approval of US-listed Bitcoin exchange-traded funds helped boost the market.
“The longer it survives, that’s the reality of things,” said Shane Oliver, chief economist and head of investment strategy at AMP Sydney AMP.
“As an economist and an investor, I find it hard to value it … it’s anyone’s guess. But it does have a momentum and that momentum has reached.”
Indeed, Bitcoin has grown by about 130% this year.
Trump accepted digital assets during his campaign, promising to make the United States “the crypto capital of the planet” and accumulating nationwide Bitcoin inventory.
Crypto investors believe the review under SEC Chairman Gary Gensler has ended, who said Thursday that he would resign when Trump took office.
Under Gensler, the SEC sued Exchange Coinbase, Kraken, Binance and others for failing to violate SEC rules at the agency, accusing the company of refusing and fighting in court.
©Thomson Reuters 2024
